The import value of phosphatic mineral or chemical fertilizers to South Korea has shown a fluctuating trend from 2013 to 2024, with an initial decline from 2013 to 2016, a rebound in 2018, followed by a gradual decrease. The year-on-year variation presents a mix of positive and negative growth rates, with a notable decrease in 2016 and a significant increase in 2018. Over the last five years, the compound annual growth rate (CAGR) has been negative, indicating a declining trend in imports. Specifically, the data from 2023 and 2024 suggests a continuation of this declining trend, with a forecasted 5-year CAGR of -3.63%, equating to a total decrease of 16.9% in imports by 2028.
Looking ahead, it’s critical to monitor factors such as global phosphatic fertilizer market dynamics, South Korea’s domestic agricultural policies, and environmental regulations impacting fertilizer usage. These factors could influence future import levels and potentially alter the observed declining trend.
